When it comes to new Acura car offers and tools and resources designed to make purchasing your next Acura vehicle easy, Acura of Sherman Oaks is the team to beat. We’re here to help on every step of your vehicle financing process, which is why we share all you need to know about qualifying for financial terms. Here’s a closer look at the qualifications you’ll need to meet to be considered a “well-qualified” buyer or lessee.
You Have a Tier 1 Credit Score
Credit plays a significant role in the vehicle financing process, especially when leasing a car. Compared to purchasing, you need a higher credit score to qualify for a lease, all else being equal.
Whether you buy or lease, a Tier 1 credit score can help ensure you get access to the best terms and options. Typically, this means your credit score is over 720, but the standard can vary, so always do your research and check your credit score before getting started.
You Have a Low Debt-to-Income Ratio
Lenders also want to know that you’ll be able to pay back your loan quickly or meet your monthly lease payments. They typically look for buyers and lessees with a lower debt-to-income ratio. You can determine your debt-to-income ratio by dividing the cost of your monthly bills by your total monthly income.
You Put Down a Large Down Payment
Another way to improve your likelihood of being categorized as a “well-qualified” buyer is to put down a larger down payment. The more money down, the less you’re borrowing. This reduces the lender’s risk, making you a safer bet, and saving you money over the life of the loan.
Here at Acura of Sherman Oaks, we believe the Acura financing process should be smooth and easy. Learn more about how to make Acura financing work for your needs with the support of our dealership today.
